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Quicken Loans ist ein Hypothekenkreditunternehmen mit Sitz in Detroit, Michigan. Es wurde 1985 vom milliardenschweren Geschäftsmann Dan Gilbert gegründet. Gilbert besitzt auch die Cleveland Cavaliers und hatte eine öffentliche Fehde (und Versöhnung) mit LeBron James. Heute ist Quicken Loans der größte Online-Hypothekenkreditgeber für Privatkunden in den Vereinigten Staaten. Seit 2013 hat das Unternehmen in allen 50 Bundesstaaten Hypotheken im Wert von über 400 Milliarden US-Dollar ausgegeben.
Quicken Loans ist für seinen innovativen Ansatz bei der Vergabe von Hypotheken bekannt. Sie nutzen Technologie, insbesondere eine Smartphone-App, die es Verbrauchern ermöglicht, von zu Hause aus einen Antrag zu stellen und eine Genehmigung zu erhalten. Ganz gleich, ob Sie nach einer neuen Hypothek suchen oder eine bestehende umfinanzieren möchten, Quicken hat wahrscheinlich Optionen für Sie. Das Unternehmen nutzt kein Netzwerk von Einzelhandelsfilialen wie viele andere Kreditgeber (insbesondere Banken). Alle Hypotheken von Quicken Loans werden über ein Online-Antragsverfahren ausgeführt.
Am 6. August 2020 führte die Muttergesellschaft von Quicken Loans, bekannt als Rocket Companies, einen Börsengang durch. Sie begannen, Aktien an der New Yorker Börse unter dem Tickersymbol „RKT“ zu handeln.
Was Quicken Loans bietet
As of August 2020, Quicken Loans provides consumers with three primary services:
- Refinancing an existing home mortgage along with debt consolidation.
- Acquiring a new mortgage for a primary residence, vacation property, or as a real estate investment.
- Home loans that use an existing mortgage as collateral. These types of home loans are also known as “home equity lines of credit” (HELOC).
There is a calculator conveniently placed on the Quicken website. It will enable you to quickly and easily calculate what your monthly payments would be on a new (or refinanced) mortgage. Additional calculators can be found on a drop-down tab on the main page of the company’s website.
There are also discounted interest rates for military veterans and loans that are insured by the Federal Housing Administration (FHA). These are typically if you have a credit score of 580 or higher and can make a 3.5% down payment. Quicken Loans also offers what are known as “Jumbo Loans.” These are loans ranging in value from $500,000 to $2 million. They require a minimum 20% down payment. The interest rates charged on Jumbo Loans tend to be lower than on other types of mortgages.
Fees and Terms
As mentioned, posted mortgage rates can be found directly on Quicken’s website. These tend to change from day-to-day. The majority of mortgages offered are for fixed rate terms, meaning the interest rate paid does not change during the life of the mortgage. However, Quicken also provides “Adjustable Rate Mortgages” or “ARMs.” In this type of mortgage, the interest rate is fixed for a specific period. After that, the interest rate may move higher or lower depending on the posted mortgage rates at the time. However, Quicken Loans says that interest rates won’t increase more than 5% from the original rate throughout the life of the loan.
Quicken Loans has an online “Learning Center” that contains numerous helpful articles. This site is designed to educate you on the process of getting a mortgage for the first time or refinancing an existing mortgage. These articles are also discuss the various fees associated with purchasing a home.
Quicken notes that closing costs associated with taking out a mortgage include title fees, recording fees, appraisal fees, credit report fees, pest inspection fees, attorney’s fees, taxes and surveying fees. Unfortunately, the company does not specify how much each of these fees actually costs.
However, financial experts tend to recommend you budget between $5,000 to $10,000 to cover typical closing costs. Applicants will usually be required to put a down payment on a home they want to purchase. Down payments can range from 3% to 20% of a home’s price. Although Quicken does provide mortgages options that require no down payment (for certain eligible customers).
How It Works
Quicken Loans is all about speed and convenience. As previously stated, the company’s mortgage application process is managed completely online through its website or the Rocket Mortgage app. The company says that this approach will save you time, money, and paperwork. You can start a mortgage application on the Quicken website, through the Rocket Mortgage app, or by telephoning the company using their 1-800 number.
The application process is very straight forward. It requires you to answer a series of questions and provide some basic financial information. From there, you’ll find out quickly whether you qualify for a mortgage or if you can refinance an existing loan. More detailed financial records need to be provided to finalize a mortgage or refinance. But the initial application process is as advertised – quick, simple, and easy to complete. The website and app are very accessible, making it a convenient task for you to start and finish.
The information required on the Quicken Loans application includes:
- Name
- Address
- Contact information
- Date of birth
- Social Security Number (SSN)
- Income
- Employment information
- Type of loan sought (including down payment amount)
- Savings amount
- Other collateral, i.e. vehicles owned
- Information pertaining to any other homes or properties owned
Quicken Loans claims that its mortgages are approved in about one week. However, it can take as long as 45 days for a loan application to completely close and the mortgage to be in place. While the online application and pre-approval process is fast, the entire process of securing a mortgage takes about as long as at other lenders.
Borrower Requirements
To secure a mortgage or refinance with Quicken, you must provide the company with the aforementioned information. They may also want the following things too.
- Access to your credit report, which shows your credit score and any other outstanding debt.
- Proof of employment or income, including pay stubs and income tax returns.
- List of assets, such as bank account balances, investments, personal property, and owned real estate or vehicles.
- Criminal record check (in some cases).
Pros:
- Quicken Loans simplifies the notoriously complicated mortgage process.
- Online applications are easy and convenient and cut down on paperwork.
- Mortgage rates offered are comparable to other lenders and banks.
Cons:
- The range of products offered by Quicken Loans is less than at other mortgage lenders and banks.
- Quicken Loans is not a bank and does not provide many of the services provided by larger financial institutions.
- There is no face-to-face interaction with people. The entire process is managed online or over the telephone.
What Others Are Saying
Quicken Loans is the beneficiary of numerous industry awards, all of which are proudly displayed on its website. These include numerous J.D. Power customer satisfaction awards, as well as Fortune magazine’s “100 Best Companies To Work For” award. Quicken Loans is also accredited with the Better Business Bureau and the Equal Housing Opportunity association. U.S. News and World Report have also given Quicken Loans top marks for customer service. Online reviews are generally positive concerning the company and its practices.
The Bottom Line
Quicken Loans is the largest mortgage lender in the U.S. and has an excellent track record. They have been in business for 35 years. Anyone wanting to get a new mortgage (or refinance their existing one) should consider Quicken. The company’s rates are competitive. They make the entire process simple and easy to understand. While Quicken Loans does not provide all the services of a traditional bank, it’s a lender that specializes in one thing and does it extremely well.
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